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Notice
Sydney Airport Limited – Treatment of SYD ETOs under proposed acquisition by Sydney Aviation Alliance Pty Ltd
Market Participants and ASX Clear (ASXCL) Participants are advised that Sydney Airport Ltd (ASX code: SYD) have announced a scheme Booklet regarding the proposed acquisition by Sydney Aviation Alliance Pty Ltd. The scheme is still subject to securityholders and court approvals.
If the scheme is approved and implemented, each independent SYD securityholder will receive $8.75 cash for each SYD stapled security they own at the scheme record date.
The indicative timetable (from the ETO’s perspective) is:
SYD Scheme Meeting |
Thursday, 3 February 2022 |
Court hearing to approve the Scheme (Second Court Date) |
Wednesday, 9 February 2022 |
Scheme effective date Last day of trading in SYD securities SYD securities will be suspended from trading on the ASX following the close of trading. |
Wednesday, 9 February 2022 |
Termination Implications for SYD ETOs
According to the terms of the scheme, SYD securities will cease trading after the scheme becomes effective. Securityholders will receive $8.75 per security if they continue to hold the security until the scheduled record date. ASX has consulted ASXCL and has determined to terminate all SYD ETOs contracts by cash settlement at the intrinsic value with the reference price to be the last traded price in SYD on Wednesday, 9 February 2022.
Option positions held at the close of business on Wednesday, 9 February 2022 will be closed out and cash settled at the intrinsic value. Takers will be credited and writers debited. The intrinsic value method is equivalent to the expiry of the options effectively brought forward to the last day of trading of the underlying security. ASXCL will settle these cash amounts on the next business day – Thursday 10 February 2022.
Exercise Restriction
Exercises will be restricted on the last day of trading of SYD securities on ASX, Wednesday 9 February 2022.
What do I need to do by when?
Participants should be aware of the content of this Notice as it sets out the treatment of the termination with respect to open positions in ASX SYD ETOs contracts.
Effective Date
A further ASX Notice will be released after the close of trading on Wednesday, 9 February 2022 setting out the table of termination prices.
Need more information?
Issued by
William Ward, Clearing Operations
Contact information
William Ward
1800 240 033
clearing@asx.com.au